Day: June 17, 2022

The Japanese government announced on Friday that it would allocate 476 billion yen (approximately $3.55 billion) for the ongoing construction of a semiconductor facility in the country’s southwest, local media said.

According to a report by the Kyodo news agency, Japan aims to boost chip supply capacity by funding a factory run by a subsidiary of the Taiwan Semiconductor Manufacturing Co. (TSMC) amid a global semiconductor shortage.

Japan Advanced Semiconductor Manufacturing, a joint venture of TSMC, Sony Semiconductor Solutions Corp., and automotive manufacturer Denso Corp., will open the facility in the Kumamoto Prefecture, said Koichi Hagiuda, the country’s industry minister.

“We are hoping that it will continuously contribute to the development of the semiconductor industry for the future, in addition to resilience of the semiconductor supply chain in our country,” Hagiuda said in a press conference.

The three partners of the subsidiary will invest $8.6 billion in the factory, including the government’s support, with plans to begin production by the end of 2024.

Source: Anadolu Agency

The number of newly established companies in Türkiye rose 110.7% in May compared to the same month last year, the country’s top trade body said on Friday.

Some 9,438 companies were launched in May, up from 4,480 in May 2021, according to data released by the Union of Chambers and Commodity Exchanges of Türkiye (TOBB).

Among them were almost 1,614 foreign-partnered or foreign-funded companies.

During the month, 2,000 firms also went out of business, up 259.7% from May 2021, which saw the closing of 556 companies.

On a monthly basis, the number of companies established in May dropped 12.2%, while the liquidated ones fell by 7.5%.

Source: Anadolu Agency

Russian Deputy Prime Minister Alexander Novak said on Friday he does not see any problems in exporting Russian grain to Türkiye.

Speaking to Anadolu Agency, Novak said Russia has always been a large supplier of grain to Türkiye and plans to maintain this position.

“We have always been a major supplier of grain to the Republic of Türkiye, so we do not see any particular problems here.

“These are commercial issues and (companies) agree among themselves, I think that if we have export potential and resources, enough (grain) will be delivered to consumers,” he said.

Novak added that Türkiye has been for years “a very important economic and trade partner” for Russia.

“(Russian) President (Vladimir) Putin and (Turkish) President Recep Tayyip Erdogan are constantly in contact, the tasks on increasing the trade turnover are being implemented, last year it grew up by 57% to $33 billion.

“Big investment projects are being implemented both in Russia and Türkiye — TurkStream, Akkuyu, a car plant Gaz, producing trucks, was built, and many other projects,” Novak said.

Russia and Türkiye collaborate in the tourism and construction sectors, he said.

The two countries created special economic zones and provided support to small and medium businesses to ensure the trade turnover, he added.

“Currently, we see additional niches for the development of such business between our countries, including creating in Türkiye a transport-logistics hub to deliver goods to Russia, and also from Russia to Türkiye, including the deliveries of equipment that is not produced in Russia, localization of production of such equipment in Russia, deliveries from the third countries,” he said.

All the issues are being discussed at the level of intergovernmental commissions with the Turkish authorities and also at the level of business to business, he added.

“Today, the second meeting of the business community of Russia and Türkiye took place, which is very interested in making proposals for the development of further joint cooperation,” he noted.

Russian and Turkish authorities see their role in helping business by eliminating administrative barriers, creating favorable conditions for the business, so that it is able to implement projects and decrease expenses, he said.

Source: Anadolu Agency